February 2016 Springfield, MO Housing Market Report

Continuing the upward trend from 2015, February was another great month in the local world of real estate. Jonathan Smoke, chief economist of realtor.com. “Our traffic, searches and listing views exhibited the January ‘pop’ we saw last year, which made for a strong spring. In addition, a large number of prospective buyers have been telling us since the second half of 2015 that they plan to purchase in the spring and summer of 2016.”

Home sales in Springfield, MO continue to out perform last year’s sales numbers according to the Greater Springfield Board of Realtors Multiple Listing Service. The number of sold homes for February 2016 is up over 5% compared to Feb 2015. This indicates there are more able buyers in the market, driving this steady rise in sales prices. Continued low interest rates on home loans and the increased number of buyers will allow the housing market to remain strong in the future.

The number of total number of active listings in the month of February is down 3.9%, and the number of houses currently under contract is up a whopping 39%. The average list price is up for Feb 2016 over Feb 2015. This indicates that prices are on the rise, and are all good signs for a strong housing market. I expect these trends to continue for through the end of this year.

Year to Date Sales Stats

Sold Listings: 405 (up 13.8% over same time period 2015)
Total Active Listings: 1147 (down 3.9% over same time period 2015)
Average List Price: $185,101 (up 3.9% over same time period 2015)
Average Sold Price: $135,253 (down 9.4% over same time period 2015)
Average Days on Market: 99 (down 10.0% over same time period 2015)

The number of sold listings year to date is up by over 13% or an additional 49 homes have already sold this year. More home sales with shorter days on market indicate a strong housing market for sales over 2015. With the days on market dropping and the number of homes selling on the rise, this is welcome news for any one thinking of selling their home.

What Does This Mean for You?

With prices up and homes selling faster, this could be a great time to sell your home. With home prices on the rise click the Home Value link to get a free no hassle home valuation.  Home Value  Even if you are not looking to sell your home and are just curious, this is great information to have.

Thinking of Buying A New Home?

It is still a great time to buy a new home with interest rates remaining near historic lows. The housing market in Springfield appears to have turned upward a few months ago, but prices are still good and interest rates are still near historic lows. There are a lot of great loan programs designed to help you afford the home you have always wanted.

To find your new home click this link New Home

As always, if you have any specific questions about the market or if you need help buying and/or selling real estate in the Springfield area, let me know. I would love to hear from you.

Brice@BriceDavis.com or 417-693-3254

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